Tishman Speyer Forms New JV for Office Portfolio

Tishman Speyer Australia Limited, in its capacity as responsible entity of Tishman Speyer Office Fund (TSOF), announced that it has entered into an agreement to be acquired by a new joint venture between Tishman Speyer and a large pension fund. Tishman completed the transaction on April 3 with the new JV taking majority ownership interests in a portfolio of 16 U.S. office properties.

The joint venture holds a 100% stake in four properties - three Class A properties in Beverly Hills, California and a three-building suburban complex in Northern Virginia according to a Citybizlist New York article.

• Lakeside Complex (Loudon County, VA)
• Maple Plaza (Beverly Hills)
• 407 North Maple Dr (Beverly Hills)
• Beverly Mercedes Place (Beverly Hills)

The JV also holds a majority stake in a portfolio including the 12 properties listed below (the minority interest in this group of assets will continue to be held by an affiliate of the Government of Singapore Investment Corporation).

• 300 Park Avenue (NYC)
• CitySpire (NYC)
• Greenwich American Centre (Greenwich, CT)
• Bala Plaza (Bala Cynwyd -- suburban Philadelphia)
• Franklin Center - 227 W Monroe (Chicago)
• Franklin Center - 222 West Adams (Chicago)
• Plaza East I & II (Milwaukee)
• 520 Pike Tower (Seattle)
• One Bush Street (San Francisco)
• 595 Market Street (San Fran)
• Bayside Towers (Foster City, CA)
• 400 Castro St (Mountain View, CA)
• Lakeside Complex (Loudon County, VA)
• Maple Plaza (Beverly Hills)
• 407 North Maple Dr (Beverly Hills)
• Beverly Mercedes Place (Beverly Hills)

"This transaction marks the disposition by TSOF of its assets on terms that represent a successful outcome for all stakeholders," Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a joint statement. "Looking forward, we are very excited about the formation of this joint venture and we’re pleased that our partner recognizes the value of this portfolio of premium properties and has joined us in making this significant investment."

For more news and information visit Blumberg Capital Partners.